Observations March 14, 2023

Risk climbs despite CPI print, indicates inflation and rate hike expectations easing

• Positive price action following what would have otherwise been a bearish data point suggests that bearish sentiment, defined by fears of higher inflation and rate hikes, is waning.

• Steady pushback from bears throughout midday unable to close gap.

• Sharp rally before closing bell further supports bullish repricing thesis.

• Barring systemic failures not presently advertised by price action, bulls should continue gaining ground.

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